What is the Metaverse? The Metaverse Network (MVT) or simply the Metaverse, is a public blockchain-based distributed ledger that provides decentralized services based on digital assets, including the exchange, identity, and contractual agreements.
Just like the internet created new possibilities by digitizing information, blockchain technology has the potential to make economic activity more fair and transparent by decentralizing how economic activity is recorded and monitored. The MVT token allows users to create digital identities and provide verifiable claims about those identities to third parties.
What is the Metaverse Blockchain
The Metaverse blockchain’s first use case was launched in early 2018. The My Story digital asset platform allows users to post short stories or create multimedia content, which they can then publish on the blockchain and share with others.
Once published, anyone can buy or sell stories using two ERC-20 tokens called MST (Metaverse Smart Token) for now until May 2019 when it switches to native Metaverse blockchain tokens. MST tokens are required for everything you do on My Story – including paying transaction fees.
Only 2 billion MST were created during token creation in 2017; another 300 million will be generated over three years at a rate of 10 percent per year until 2022. MST prices have been extremely volatile since hitting exchanges due to both fluctuations in demand and pump-and-dump schemes.
Backers should note that none of these transactions take place within an actual smart contract; My Story simply issues these tokens that represent assets rather than recording their value directly onto its blockchain.
This has some benefits but also means My Story isn’t really solving any problems inherent to existing blockchains, namely slow speeds, high energy consumption and difficulty scaling up capacity quickly enough to match high demand volumes.
What are Non-Fungible Tokens (NFTs)
When you think of blockchain projects, you probably think of crypto assets like bitcoin or Ethereum. But one of the most exciting areas in crypto (and blockchain, more broadly) has nothing to do with money.
It’s called non-fungible tokens (NFTs), a new type of digital asset that serves no other purpose than to prove ownership over digital collectibles like virtual pets, art pieces, rare basketball cards, or even CryptoKitties!
Right now only a few dapps support NFTs but once they become more mainstream it’ll be exciting to see how our world will change from them.
So let’s take a look at why Non-Fungible Tokens matter so much…Researchers have found that urban trees can reduce air pollution by up to 40 percent.
They absorb carbon dioxide, help reduce energy costs (through shade), improve soil quality and overall water retention. They also help control temperatures within cities that are getting hotter faster than their surrounding rural areas.
To maximize these benefits though, there must be an ample amount of trees in each city which can often make cities less attractive due to large swaths of leafy vegetation blocking views and pathways.
Many cities, particularly in developing countries don’t have enough space or money to spend on planting more trees so a new concept has been developed: vertical forests.
Vertical forests are basically a series of tall buildings with green roofs planted on top but instead of just one type of tree they utilize multiple types with various heights allowing them to offer both aesthetic and environmental benefits.
These vertical forests range from 30 stories tall all the way up to around 100 stories depending on how much park space they’re able to provide while still making economic sense for developers.
The Differences Between MVS and ETH
Of all the projects currently making waves in crypto, Metaverse is one of those that many investors are overlooking. It’s not hard to see why, though.
There’s a lot of jargon around both concepts right now, with MVS dubbed a NEP-5 token while ETH has its own set of acronyms like ERC-20.
With Metaverse tokens labeled as NFTs, how do they differ from ETH? Let’s break it down Reading about these new digital assets can be a little confusing, especially if you’re trying to separate technical details from personal preferences.
But once you have some context for these newfangled coins, tokens, and assets (aka NFTs), you’ll have an easier time understanding which ones are worth taking a closer look at—and more importantly—what they really mean for your crypto portfolio!
The simplest way to explain NFTs is to say they’re units of value on smart contract platforms that exist on their own blockchains; unlike Ethereum’s ERC-20 standard which uses ETH as collateral, each asset on an individual blockchain will function independently with its own unique characteristics.
In short, think of them as actual coins with values based on supply and demand rather than tokens or coins based on one central entity.
Since NFTs aren’t dependent on another currency, they also aren’t subject to fluctuations in price like other currencies tied to market speculation.
So What Does This Mean for You?
Aside from giving more power back to users by allowing them full control over their digital assets, there are a few key differences between ERC-20s and NFTs: For example, an important component of both tokens is that their value always matches up with their real-life counterparts… so 1 US dollar will always equal 1 US dollar regardless of fluctuations in price.
The current global financial system relies on centralized institutions to provide individuals with a means of storing value, doing commerce, facilitating transactions, and paying for goods.
While these systems do indeed allow for some degree of decentralization in storage, they are far from providing complete decentralization across all aspects of finance.
Within blockchain networks, however, digital assets can be stored without a third party involved; every transaction has an associated ID but no personal information is required. This reduces privacy concerns while allowing individuals to protect their funds in whatever way they see fit.